Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Friday, 09 August 2019

Mack-Cali Paying $409Mln for Jersey City, N.J., Apartment Property

Mack-Cali Realty Corp. has agreed to pay $409 million, or $631,173/unit, for the 648-unit Liberty Towers apartment complex in Jersey City, N.J. The Jersey City REIT is buying the property, at 33 Hudson St., from JPMorgan Asset Management.

Commercial Real Estate Direct Staff Report

Mack-Cali Realty Corp. has agreed to pay $409 million, or $631,173/unit, for the 648-unit Liberty Towers apartment complex in Jersey City, N.J.

The Jersey City REIT is buying the property from JPMorgan Asset Management, which had acquired it in 2011 for $300 million. JLL is brokering the latest deal.

The property, at 33 Hudson St., consists of two 36-story buildings that opened in 2001 and 2003. It has a mix of studio, one- and two-bedroom units with granite countertops, stainless-steel appliances, wood flooring and washers and dryers. It includes a business center, conference room, fitness center, boxing gym, golf simulator, swimming pool, game parlor, children's playroom and barbecue area.

The deal, which is expected to close by the end of next month, continues Mack-Cali's commitment to invest in waterfront apartment properties across the Hudson River from Manhattan.

"Our focus is almost 100 percent on the waterfront, which really means growing our multifamily business," Mack-Cali chief executive Michael DeMarco told analysts on a conference call this week.

Mack-Cali's waterfront apartment portfolio consists of four properties with 1,623 units in Jersey City, as well as the 295-unit Riverhouse 11 in Weehawken, N.J., which is about four miles north of Jersey City.

In April, the REIT paid $264.6 million, or $701,857/unit, for the 377-unit Soho Lofts Apartments in...





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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

REITCafe

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shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark against which most REIT’s price their bonds
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